Positive results for SME finance firm

POSiTIVE Cashflow Finance is looking to spread its wings further with a launch in the south after posting a 67% surge in profits.

The Manchester company. backed by private equity firm Infinity, said profits in the the year to the end of November had risen to £780,000 as  
turnover jumped 15% to £3.3m.

The company, which recently opened a Birmingham office, said it had handled client turnover of £175m, up 15% on the previous year and advances to clients were around £12m.
 
The company, which has 25 staff, provides funding for working capital, buyouts and restructuring to companies with turnover of between £100,000 and £10m.

David Smith managing director, who co-founded Positive in 2007, said: “Invoice finance has become a credible alternative to traditional bank funding.

“With the banks still restricting lending, more business owners are coming to us to improve working capital in the same way as they would go to a bank to increase their overdraft facility. We are also seeing more approaches from businesses which have been let down by their existing funder.
 
“Our success confirms our belief that business owners are placing more value on finding a supportive and flexible funder. We see SMEs as the lifeblood of the North West economy so it is imperative that these enterprises succeed which is where our service-oriented approach really works.”
 
Sales and marketing director Phil Chesham said Positive is continuing to perform well in the new financial year with 28 deals completed in the last three months alone – a record quarter for Positive which has seen advances to clients increase to £15m.